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This paper provides a theoretical framework in support of recent empirical findings where the use of open contracts in the form of pay-what-you-like pricing have been found to be viable compared to a fixed price. Our analysis shows that, in spite of the option to free ride, not all consumers...
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Autism is a developmental disorder characterized by impairments in social interaction, communication, and restricted or repetitive behaviors. This previously rare condition has dramatically increased in prevalence from 0.5 in 1000 children during the 1970s to 11.3 in 1000 children in 2008. Using...
Persistent link: https://www.econbiz.de/10013103521
We show that when a seller of a differentiated good offers the product allowing consumers an option to pay what they like, then all consumers will never free ride in equilibrium when their valuations of the good are positive, and, under certain conditions, all will consumers would pay. Further,...
Persistent link: https://www.econbiz.de/10013158126
This paper investigates the viability of Pay-What-You-Want (PWYW) pricing when firms compete without restrictions of a minimum payment requirement. We show that the equilibrium outcomes are different when underpayers, consumers paying less than marginal cost, are present as opposed to when they...
Persistent link: https://www.econbiz.de/10012900783
The determination of death in the United States can have strong financial implications. For example, a declaration of suicide can nullify life insurance benefits. However, the intent of death may be made by an elected official who is not required to have any medical training. Medical examiners...
Persistent link: https://www.econbiz.de/10012889815
We use a choice experiment to examine public support for minimum wages. We first elicit respondents' moral assessment of two labor market systems: one with a minimum wage and one without. Then, we present four pairs of hypothetical employment outcomes and ask respondents to "vote." Our estimates...
Persistent link: https://www.econbiz.de/10012898037
Using a game theoretic framework, we show that not only can pay-what-you-want pricing generate positive profits, but it can also be more profitable than charging a fixed price to all consumers. Further, whenever it is more profitable, it is also Pareto-improving. We derive conditions in terms of...
Persistent link: https://www.econbiz.de/10013033687